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The Anatomy of a Multispecies Individual Fishing Quota (IFQ) Market in Development

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  • In 2011 an individual fishing quota (IFQ) system was implemented for the limited entry trawl component of the Pacific groundfish fishery in the US. The IFQ system allocates quota shares (QS) for 29 IFQ stocks and individual bycatch quota (IBQ) shares for Pacific halibut. Each year quota shareholders are issued quota pounds (QP) which can be used to balance their own catches of IFQ species or can be traded. The complex multispecies nature of this fishery and the requirement to balance all catch with QP makes QP transferability a critical part of this IFQ system since fishermen have limited ability to control the species composition of their catch and may need to acquire QP to cover unplanned catch. Although a web-based system was created to enable QP transfers, this did not create a functional QP market automatically. Rather the market (and a variety of other mechanisms for distributing QP) is developing organically as quota holders, fishermen, and intermediaries develop trading and contractual relationships, and QP values are determined and evolve. I describe the structure of the QP market, how it has developed, and how it is performing. The analysis suggests that the market to date is thin and inefficient, and that this may be inhibiting utilization of fishery resources and profitability. I discuss the impediments to QP market efficiency and make recommendations on how more efficient multispecies markets might be facilitated in this and other multispecies IFQ fisheries.
  • KEYWORDS: Rights-Based Management, Fisheries economics, Catch Shares, Quotas & Market Power
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  • Holland, Daniel S. 2015. The Anatomy of a Multispecies Individual Fishing Quota (IFQ) Market in Development. In: Proceedings of the Eighth Biennial Forum of the North American Association of Fisheries Economists, May 20-22, 2015, Ketchikan, Alaska: Economic Sustainability, Fishing Communities and Working Waterfronts. Compiled by Ann L. Shriver and Melissa Errend. North American Association of Fisheries Economists, Corvallis, Oregon, USA, 2015.
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  • Alaska Sea Grant, North Pacific Fishery Management Council, North Pacific Research Board, Northern Economics, Pollock Conservation Cooperative Research Center, Rasmuson Foundation, University of Alaska Fairbanks, School of Fisheries and Ocean Sciences, University of Alaska Southeast, Ketchikan
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